For the third consecutive month, New Jersey’s land-based casinos, sports books, and online partners have collectively generated over $450 million in revenue. While the online sector demonstrates impressive growth, the land-based casinos in Atlantic City experience further decline compared to the previous year.
The content of this article will include
- The cumulative revenue generated by casinos in New Jersey.
- The number of land-based casinos decreases.
- The growth of online casinos remains steady and rapid.
Earlier this week, the latest revenue figures were released by the New Jersey Division of Gaming Enforcement, revealing that in May 2023, casinos, sportsbooks, and their online affiliates amassed a total of $471 million.
In contrast to the corresponding period in 2022, the revenue figures exhibit an impressive surge of 9.4%. Nonetheless, land-based casinos do not collectively contribute to this growth, as only three Atlantic City establishments demonstrate an improvement when compared to the pre-pandemic situation in May 2019.
In comparison to last year’s revenue numbers, the nine land-based casinos have experienced a decrease of 2.4% in May 2022, with a total collection of $227.3 million. The revenue from land-based casinos is a crucial indicator, and the recent figures are expected to be distressing, especially following a 1.6% decline in April.
According to Jane Bokunewicz, who specializes in researching the Atlantic City gambling market, the recent decrease in revenue from in-person gambling doesn’t overshadow the fact that it has still shown progress compared to the pre-pandemic period.
“While this signifies a step towards pre-pandemic levels, it falls short of the anticipated growth that many had wished for in this sector.”
Newer products such as online slots and mobile sports betting are experiencing faster growth compared to traditional gaming products like slots and table games. This indicates a long-term shift in consumer behavior, as casino visitors have incorporated these newer products into their regular casino activities.
The rapid growth of online casinos in New Jersey persists.
In May 2023, it appears that land-based casinos in the state are the sole establishments facing a decline, while online casinos achieved their second-highest record by generating $161.4 million.
March 2023 witnessed the collection of a remarkable $165.7 million by NJ Online Casinos, marking their all-time highest record. This achievement was closely followed by a revenue collection of $158.9 million in April 2023. Comparing the revenue collected last month to the same period in 2022, it exhibited a substantial growth of 18.7%.
